Fabrinet (FN) Sets New 52-Week Low on Analyst Downgrade
Fabrinet (NYSE:FN) hit a new 52-week low on Friday after B. Riley lowered their price target on the stock from $46.50 to $42.50. B. Riley currently has a buy rating on the stock. Fabrinet traded as low as $31.31 and last traded at $0.00, with a volume of shares traded.
Other equities research analysts have also recently issued reports about the company. Stifel Nicolaus restated a “buy” rating on shares of Fabrinet in a research note on Tuesday, August 22nd. Northland Securities set a $50.00 price objective on Fabrinet and gave the stock a “buy” rating in a research note on Tuesday, August 22nd. ValuEngine upgraded Fabrinet from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Fabrinet in a research note on Tuesday, September 5th. Finally, BidaskClub upgraded Fabrinet from a “sell” rating to a “hold” rating in a research note on Sunday, July 16th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $50.92.
In other Fabrinet news, CFO Toh-Seng Ng sold 22,500 shares of the stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $39.00, for a total value of $877,500.00. Following the completion of the sale, the chief financial officer now directly owns 201,749 shares in the company, valued at $7,868,211. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Harpal Gill sold 50,000 shares of the stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $39.07, for a total value of $1,953,500.00. Following the completion of the sale, the chief operating officer now owns 194,193 shares of the company’s stock, valued at $7,587,120.51. The disclosure for this sale can be found here. Over the last quarter, insiders sold 207,500 shares of company stock valued at $8,034,350. 3.30% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Tygh Capital Management Inc. raised its stake in Fabrinet by 25.4% in the third quarter. Tygh Capital Management Inc. now owns 156,420 shares of the technology company’s stock valued at $5,797,000 after buying an additional 31,727 shares during the last quarter. Stevens Capital Management LP purchased a new stake in Fabrinet in the third quarter valued at about $525,000. Kornitzer Capital Management Inc. KS raised its stake in Fabrinet by 70.2% in the third quarter. Kornitzer Capital Management Inc. KS now owns 244,875 shares of the technology company’s stock valued at $9,075,000 after buying an additional 101,005 shares during the last quarter. Dupont Capital Management Corp purchased a new stake in Fabrinet in the third quarter valued at about $486,000. Finally, Tocqueville Asset Management L.P. raised its stake in Fabrinet by 308.3% in the third quarter. Tocqueville Asset Management L.P. now owns 302,824 shares of the technology company’s stock valued at $11,223,000 after buying an additional 228,654 shares during the last quarter. Institutional investors own 93.71% of the company’s stock.
Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, August 21st. The technology company reported $0.72 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.11). The business had revenue of $370.50 million for the quarter, compared to analyst estimates of $363.41 million. Fabrinet had a return on equity of 15.32% and a net margin of 6.84%. The company’s revenue was up 34.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.60 earnings per share.
Fabrinet announced that its board has authorized a stock buyback plan on Monday, August 21st that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the technology company to repurchase up to 21% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.
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Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of products, such as optical communication components, modules and sub-systems, industrial lasers, medical devices and sensors. The Company offers a range of optical and electro-mechanical capabilities across the manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and test.
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